Subject: File No. S7-08-20
From: Michael G.R., JD
Affiliation: Investor

July 14, 2020

Hi,

Reducing disclosure isn't helping markets and isn't helping protect anyone. If you want to move the threshold with inflation from 100m to 300m or whatever the number would be, that makes sense, but cutting 90% of 13Fs will only reduce transparency in the market.

Thank you for reading,

M.